The Golden Visa Programme was launched
by the Portuguese Authorities in October 2012 with the aim of supporting
foreign investors in their efforts to obtain a fully valid residency permit in
Portugal. The Golden Visa allows non-EU citizens to enter or live in Portugal
and to travel within the Schengen space, provided they carry out one of the
investments outlined in the law. The investments that qualify for the Golden
Visa programme include transfer of funds above EUR1,000,000 or more, acquisition of property in the amount of or greater than EUR 500,000 and,
finally, the creation of at least 30 jobs in Portugal, according to the Golden
Visa official website. Note that only
investments made after 8th of October 2012 are taken into consideration to
avail of the fully valid residency permit.
One
of the most favourable residency programs for investors worldwide, the Golden Visa is aiming to encourage
foreign investment in Portugal and boost the country’s declining economy after
the disastrous 2008 financial crisis. According to Portugal’s government
spokesman Luis Marques Guedes, Portugal is benefitting greatly from investments
from other countries, taking into consideration the 1.46 billion Euros in
investment the country has received since the Golden Visa scheme was
introduced.
It
seems like this is a win-win situation for the country’s economy and the
foreign investors, as they are both benefitting from the opportunity of
purchasing property in Portugal. Golden Visas are valid for 5 years and are
an amazing opportunity for foreign investors to penetrate the real estate
market of the beautiful Portuguese lands. With lively Lisbon and charming
Algarve being the country’s most popular destinations, people from around the
world would fancy the idea of owning an estate either on the coast or in the
city.
